3 Charts - 2 Insights - 1 Thought 7/3/24

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Ctrl Alt Finance
03 Jul ā€¢ Reading Time - 5 minutes

Welcome to our latest edition, in case you missed it, hereā€™s last weekā€™s article: Amazon just went supersonic. šŸ“ˆ

If youā€™ve already read it, here areā€¦

šŸ“ˆ 3 Charts 
šŸ” 2 Insights
šŸ’­ 1 Thought

Letā€™s dive in. ā¬‡ļø

MAJOR HEADLINES

MARKET INTEL

QQQ is performing strongly at present, awaiting a retest. Weā€™re watching for a breakout above 500 and a close above this level on the hourly chart.

If Tesla maintains its current momentum, we could see further gains into the holidays, possibly retracing back to the 483-489 range.

SPX is poised for a breakout above 5118 with a retest.

Trading between 5446 and 5511 carries risk; I'll wait for a confirmed breakout.

NVDA is currently discounted; further decline could stall market momentum.

Keep an eye on NVDA around $125, which is still above last week's high.

Anticipate movement on Thursday and Friday, as it's lagging in the market

For trading opportunities, consider using Trading View.

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Insights

MARKET HEATMAP

VIX

As of June 27, 2024, many US investors felt positive about the stock market. About 44.49% of them were bullish, which means they expected stocks to go up.

This is higher than usualā€”usually, it's around 37.62%. It's been like this for 33 out of 34 weeks recently.

Some investors, though, were bearish, meaning they thought stocks might go down. About 28.35% felt this way, which is less than the usual 31.00%.

However, fewer investors were neutral, meaning they weren't sure what would happen with stocks in the near future.

Thought

KEY POINTS

  • Spot Strong Trends: Identify stocks with consistent price movements.

  • Confirm with Volume: Ensure increasing trading volume supports the trend.

  • Time Entries and Exits: Enter as momentum builds, exit before reversal.

  • Manage Risk: Use stop-loss orders to limit losses and protect gains.

  • Use Technical Indicators: Rely on tools like moving averages and RSI.

  • Stay Informed: Follow market news for potential impacts on trades.

*Please note that the information provided here is for informational purposes only and should not be construed as financial advice*

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Onward and upward,

Ctrl Alt Finance

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